1 Challenge
- “I want to market my business, but I don’t have a big marketing budget.”
2 Questions
- “How can I grow my business with minimal investment?”
- “What kind of bootstrap marketing techniques can I implement for my business?”
3 Ideas
- Build an Email List
- Build Your Social Media Presence
- Get to Know Your Customers
It’s not easy to run a bootstrapped business. When you have started a business with your own money without outside investment, every rupee matters. You have to keep an eye on costs and expenditures, and work doubly hard to increase your revenues and profits.
So when you don’t have any spare rupees (or dollars, pounds, yens, wons…you get the picture) for marketing or advertising, should you not market or advertise your business?
Is marketing an extra cost or a worthwhile investment?
Do it badly and it will be a cost. But do it well, and you can easily recover the cost, and even get amazing results from it.
Here are 3 bootstrap marketing techniques to market and grow your business – without breaking the bank.
#1: Build an Email List
Email marketing is one of the best ways to stay in touch with your customers and promote your products. Do it regularly and consistently, and you can also boost brand recognition and recall. And all of this – with a limited budget and at scale!
Many email marketing tools and email service providers (ESP) are available to get you started on your company’s email marketing programme. Sign up for an ESP that will allow you to collect email addresses, send personalised and targeted messages, and track the results.
Encourage subscribers (customers, leads, prospects, etc.) to sign up on your website or through a newsletter. Offer free downloads (e.g. white paper), share links to your blog, promise special discounts or offers, and share exclusive information (e.g. tips, webinar invites, etc.)
Once you build a list, send regular, relevant, useful content. Don’t be too aggressive, salesy or ******. Promise not to sell their email address, and give them an easy way to unsubscribe.
#2: Build Your Social Media Presence
Social media is an easy way to stay in touch with your audience, build a community around your brand, and boost visibility. If your company doesn’t yet have a Facebook page, set it up as soon as possible. This is especially important if you are a B2C business, and need a way to connect with those who consume your products or services. Also set up an account on Twitter and a company page on LinkedIn.
Some more tips to get the most out of your social media presence:
- Start a blog on your website
- Subscribe to other similar blogs and comment on posts consistently
- Comment on the LinkedIn posts of people in your network
- Record videos for your business and post them on YouTube
- List your business on Google Places and Google My Business
- Social bookmark your online content to make it findable
None of these ideas are very expensive, so you can start off almost immediately. Of course, you will not see results overnight. But if you maintain consistency, your brand will build up a strong social media presence over time, and your marketing results will keep improving.
#3: Get to Know Your Customers
The best way to impress current customers and convert future prospects into customers is by getting to know them better.
Who is your target market?
What is your audience looking for?
What are their key challenges or pain points?
When you know who they are, you can take steps to meet their needs. And the more you do this, the more they will buy from you. Equally important, they will tell their friends and family about you, and they in turn will buy from you.
Some ways to know your customers and show them what they mean to you:
- Ask for testimonials and publish them on your website and other marketing materials
- Send free samples and other incentives like holiday offers or gifts
- Re-engage with old customers to bring them back
- Send satisfaction surveys to understand what they think about your company
- Wish them on special days, e.g. birthdays or anniversaries
- Create a frequent buyer rewards programme
Conclusion
If you are a bootstrapped business, take the time to create a marketing plan that’s right for your company and customer base. This is especially important when you have a small budget, because every action and every rupee has to count. Incorporate any or all of the above bootstrap marketing techniques into your business, and you will surely see great results even with a small investment.
What did you think about this short article? Share your thoughts!